8:15 AM: The ADP Employment Report for April. This report is for private payrolls only (no government). The consensus is for 170,000 payroll jobs added in April, down from 263,000 added in March.

10:00 AM: the ISM non-Manufacturing Index for April. The consensus is for index to increase to 55.8 from 55.2 in March.

2:00 PM: FOMC Meeting Announcement. No change to policy is expected at this meeting.

----- Thursday, May 4th -----

8:30 AM ET: The initial weekly unemployment claims report will be released. The consensus is for 246 thousand initial claims, down from 257 thousand the previous week.

8:30 AM: Trade Balance report for March from the Census Bureau.

This graph shows the U.S. trade deficit, with and without petroleum, through January. The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

The consensus is for the U.S. trade deficit to be at $44.5 billion in March from $43.6 billion in February.

10:00 AM: Manufacturers' Shipments, Inventories and Orders (Factory Orders) for March. The consensus is a 0.4% increase in orders.

----- Friday, May 5th -----

8:30 AM: Employment Report for April. The consensus is for an increase of 185,000 non-farm payroll jobs added in April, up from the 98,000 non-farm payroll jobs added in March.

The consensus is for the unemployment rate to increase to 4.6%.

This graph shows the year-over-year change in total non-farm employment since 1968.

In March, the year-over-year change was 2.13 million jobs.

A key will be the change in wages.

3:00 PM: Consumer credit from the Federal Reserve. The consensus is for a $15.6 billion increase in credit.